On this week’s episode of ETF Prime, Cinthia Murphy, Investment Strategist at Vetta-Fi, joins Nate Geraci to unpack the overwhelming wave of new ETF launches hitting the market. Geraci notes that October alone saw more than 100 new ETFs debut, marking one of the busiest months in ETF history. Later, Aniket Ullal, Head of ETF Research & Analytics at CFRA, breaks down the ETF trades and trends that have — and haven’t — worked in 2025.
Murphy notes that while U.S. issuers have long looked overseas for growth opportunities, the dynamic is beginning to reverse. A growing number of global firms are now entering the U.S. ETF market, drawn by its scale, innovation, and depth of investor demand.
Among them, she highlights Pictet’s entry into the U.S. ETF landscape, marking a milestone for the 220-year-old Geneva-based firm. Pictet, which manages more than $800 billion globally, recently launched its first three U.S.-listed ETFs: the Pictet AI Enhanced International Equity ETF (PQNT), the Pictet AI & Automation ETF (PBOT), and the Pictet Cleaner Planet ETF (PCLN). Each fund is actively managed, AI- and quant-driven, and thematically focused, reflecting the firm’s expertise in global innovation and sustainable investing.
Murphy views Pictet’s debut as part of a broader wave of established international asset managers — including firms like London-based Man Group — seeking to tap into the growth and openness of the U.S. ETF market. She notes that this “reverse globalization” trend underscores how the U.S. remains the epicenter of ETF innovation, even as the industry becomes increasingly international.
Murphy also spotlights some of the most eye-catching newcomers from U.S. issuers, including the Roundhill Meme Stock ETF (MEME), which captures the renewed wave of retail trading enthusiasm; the Defiance Trillion Dollar Club Index ETF (TRIL), centered on mega-cap growth names; and the ARK DIET Q4 Buffer ETF (ARKT), offering defined outcome exposure designed for today’s volatile market backdrop.
Murphy also discusses the CoinShares Altcoins ETF (DIME) , which she described as “ahead of the curve.” The fund offers exposure to 10 digital assets beyond Bitcoin and Ethereum — including Solana, Polkadot, Cardano, and Avalanche — by holding ETFs listed on Canadian and European exchanges.
While advisor readiness for multi-crypto portfolios is still developing, Murphy said growing regulatory clarity and client demand for crypto diversification are accelerating adoption. She characterized the ETF as a “plug-and-play” solution that could help the market move beyond Bitcoin-centric investing as confidence in the broader digital asset ecosystem builds.
Murphy also emphasized the importance of understanding the ETF’s structure. It does not directly hold spot crypto, unlike trust-based products, highlighting that as crypto ETFs proliferate in the US, structural differences will matter more to investors.
Ullal later joins the podcast to discuss how 2025 has been a year of both extremes and opportunities across the ETF landscape. Gold and Bitcoin ETFs have delivered standout performance, fueled by strong central bank buying and growing investor confidence in digital assets. Gold’s safe-haven appeal has persisted amid fiscal expansion, while Bitcoin has played a dual role — acting as both a store of value and a risk-on asset as adoption widens.
Ex-US equity ETFs, especially those focused on European financials and industrials, have also been notable winners. Ullal attributes their strength to resilient local markets and favorable currency tailwinds from a weaker US dollar.
Not all areas of the ETF market have kept pace. Ullal noted that healthcare sector ETFs have lagged and commodities ETFs, particularly energy-related funds, have also struggled in 2025.
Ullal also discussed what she calls the “dollar diversification trade.” Both gold and Bitcoin are increasingly appealing to investors seeking to diversify away from the US dollar, though she emphasized that each asset plays a nuanced role within portfolios.
